The group is a subsidiary of the Raspberry Pi Foundation, a UK charity founded when the company was set up in 2008.
The foundation has received around $50m (£39.7m) in dividends since 2013, which has been used to advance its educational mission globally, said the group.
Mr Upton said: “For the Raspberry Pi Foundation, a patient and supportive shareholder, this IPO brings the opportunity to double down on their outstanding work to enable young people to realise their potential through the power of computing.
“We’ve hugely appreciated their support on our journey so far and are delighted that the Foundation will remain a major shareholder.”
Raspberry Pi reported revenues of $265.8m (£211.1m) in 2023, with operating profits of $37.5m (£29.8m).
The firm said that, on listing, it expected to receive the London Stock Exchange’s Green Economy Mark, external.